News Corp’s Australian Netflix challenger shuts up shop

By Byron Kaye SYDNEY (Reuters) – An Australian internet streaming company part-owned by News Corp said on Tuesday it will cease operations less than three years after launching, a sign that local start-ups are struggling against larger U.S. rival Netflix Inc. After opening for business in March 2014, the same month Netflix arrived in Australia, Presto will end its service on Jan. 31, 2017, its co-owners Foxtel, half-owned by News Corp, and free-to-air broadcaster Seven West Media Ltd said in a statement. The statement didn’t give a reason for shutting down the company, but it did say Seven sold its half share of the company to Foxtel, and that Foxtel made the decision to close it. The decision amounts to the biggest casualty to date in what has become a three-way battle for control of the fast-growing Streaming Video On Demand (SVOD) market in Australia.

Original story here.

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply